Richmond Regional Housing Framework Data Update
Selected draft findings
2022-09-08
More people come here than are born here.
Young adults are shacking up.
Lowest-payed workers saw the biggest (relative) pay bumps.
Racial homeownership gaps remain the status quo.
A tight supply is pushing existing home prices closer to new build prices.
The supply of 2- and 3-bedroom apartments decreased.
Rising prices for 2- and 3-bedroom apartments reflect higher demand.
Rent burdens may be shifting up the income scale.
Use with caution
Estimates for 2020 (the 2016-2020 5-year ACS release) may be impacted by lower survey response rates during the COVID-19 pandemic.
Chesterfield County
In 2018, there was a shortage of 7,569 rental units for households below 80% AMI
Greatest need in the county has been among households below 50% AMI
But the need for rental at the higher end has been increasing (15% increase)
Hanover County
Between 2016 and 2020, Hanover County has seen an overall decrease in households making less than $100,000
The decrease in lower income households is reflected in the loss of lower income households and increases in median household incomes among homeowners and renters
Higher incomes have correlated with higher housing prices (with median home prices well into the $400,000s)
Henrico County
In stark contrast to homeowners, renter households are not seeing large increases
Most notably, there’s been a decrease in renter households with children by 1,010